How to buy a house in Thailand

To buy a house in Thailand, start with DDpopertyRent Hub. You can also look at Facebook groups or other social media. One well-known instance is  หอพัก คอนโด ห้องเช่า ที่พัก บ้านเช่า กรุงเทพ กทม Bangkok(โอนก่อนเท่ากับโกง).

Steps to buy a house

You want to keep several things in mind when you buy a house in Thailand. These steps are not in order.

Determine your budget

It’s essential to figure out how much you can afford to spend. Consider all the house costs, including taxes, fees, and renovations.

Your budget is the sum of the three following things.

The past savings you can gather from yourself or your family. You want to use this money for a deposit, taxes, or the most essential renovations.

The monthly expenditure in rent or housing you have now. This is the money that you will go into the monthly repayment of your mortgage or funding.

The monthly future savings you predict you will have in the next several months. This is extra money you can count on your budget.

Find a property

To find a property in Thailand, search online or contact a real estate agent. Once you find a property you like, schedule a viewing.

You may want to get financing first to know how much money you can spend.

Hire a notary

In Thailand, you need a notary to handle the legal aspects of buying a property.

A notary will ensure that the contract is legally binding and register the change of ownership with the land registry office. You may also need a real estate lawyer to help you. That depends on the house you want to buy.

Pay a deposit

Sometimes the person you are selling the house may ask you for a deposit. That’s not a legal requirement, but it is frequent. You should use a legal intermediary, like a notary or a real estate broker, to manage your deposit. You can return a part of your deposit if you are no longer buying the property.

You can avoid all this by getting your financing first so that you can make an offer.

Get financing

If you need money, first ask your family and friends. It is the cheapest money you can borrow, and you can give back interest money to your community instead of a bank.

If you need financing to buy a house, you can apply for a mortgage from a bank. You may need to go around several banks to find a mortgage that meets your needs.

You’ll need to provide documentation, such as proof of income, identification, and credit score.

You can look for government programs and incentives for homeowners. Do your research, but also ask for counseling from your bank.

Make an offer and sign the contract.

Once you have found the house and are satisfied with the property’s condition, you can make an offer. Once you have achieved an agreement, you can sign the contract in the presence of a notary.

Pay and register your property.

You need to pay for the house and the real estate taxes that come with the house. You also want to register your new property at the land registry.

In Thailand, You can do all this with the help of your notary.

Find a property to buy in Thailand.

You can find properties in Thailand on real estate websites or apps, in Thailand.

Baidu, Google, Naver, Sogou, Yandex, or any other search engine can be a good start for a search for an apartment or a house for rent. This could be, for example, “House for sale in Phuket” or “House for sale in Bangkok.”

You can also ask around among family and friends. Maybe someone knows someone who’s looking for a buyer for their property.

You can look at house actions in an area that interests you.

Types of houses to buy

You can find the following type of houses in Thailand:

Single house: Thai houses have two stories, 2-3 bedrooms and baths, one living room, and one kitchen.

Twin House: A Twin House has a shared wall on one side but looks and functions like a Single House.

Town Home: Thai people called a row of houses with a standard wall a “Town House.”

Home Office: “Home Office” is similar to “Town Home” but is created for living and working and contains a parking lot for customers.

Apartment or flat: “Apartment” in Thailand is a single-owner rented room in a residential complex. It may have a bed, closet, and wardrobe but no kitchen; thus, rent is low.

Condominium: Condominium rooms generally are studio (1 Room), one bedroom (Living Room + Bedroom), or two bedrooms.

How much to buy a house in Thailand

The average price per square meter for a house, or an apartment, in Thailand is around 40,000 THB, increasing to 110,000 THB in Bangkok and 41,500 THB in Chiang Mai.

1,000 THB, is about 28 US dollars. That is about 2,357 Indian rupees or 205 Chinese yuan.

Buying an apartment in the city center can cost around 50,000 THB.

Buying an apartment outside of the city center can cost around 35,000 THB.

Buying an apartment in the city center can cost around 150,000 THB in Bangkok.

In Bangkok, buying an apartment outside of the city center can cost around 70,000 THB.

In Chiang Mai, buying an apartment in the city center can cost around 50,000 THB.

Buying an apartment outside the city center of Chiang Mai can cost around 33,000 THB.

Are foreigners allowed to buy property in Thailand?

Foreigners have no restrictions on purchasing real estate in Thailand. Foreigners acquire properties in large Thailand cities such as Bangkok, Chiang Mai, and Lyon.

Read more about

How to find an apartment in Thailand

How to rent a house in Thailand

Real estate websites in Thailand

Source: Wikipedia

Photo by Pim Chu on Unsplash, Seenspace HuaHin, Tambon Hua Hin, Thailand.